Digital Chamber Urges Senators To Support Cynthia Lummis-Sponsored Bitcoin Act Of 2024 In New Letter

Bitcoin Crypto Regulation Cynthia Lummis

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Julia Smith

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August 1, 2024

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Cryptocurrency advocacy group The Digital Chamber is urging U.S. officials to support the Cynthia Lummis-Sponsored Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act Of 2024.

According to the Digital Chamber, the digital asset advocacy group spent Thursday hand-delivering a letter to every U.S. senator to encourage them to get behind the BITCOIN Act of 2024.

The Digital Chamber Urges U.S. Senators To Support BITCOIN Act Of 2024

Introduced by Lummis this week, the crypto-friendly bill would establish a reserve of Bitcoin as a strategic value for the U.S. government via “a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury.”

Today, we're hand-delivering this letter 👇 to every U.S. Senator urging them to support the BITCOIN Act of 2024. #Bitcoin is our future, and this bill ensures the U.S. leads in global economic innovation.

Thank you @SenLummis for your consistent leadership! pic.twitter.com/5LPiKFkEWk

— The Digital Chamber (@DigitalChamber) August 1, 2024

In addition to providing an alternate “store of value to bolster America’s balance sheet and ensure the transparent management of the federal government’s Bitcoin holdings,” the BITCOIN Act of 2024 would establish a one-million-unit Bitcoin purchase program over five years that would acquire “approximately 5% of the total Bitcoin supply.”

According to The Digital Chamber, this supply would effectively “mirror the size and scope of gold reserves held by the United States.”

“Supporting this bill aligns with our national interest, demonstrates fiscal responsibility, and showcases our commitment to embracing technological advancements that can alleviate the economic burdens of past financial missteps,” the letter states.

Cynthia Lummis Likens Crypto Moment To Louisiana Purchase

Lummis originally announced the bill at the Bitcoin 2024 Conference in Nashville last week, shortly after Republican U.S. presidential nominee Donald Trump took to the stage.

“Bitcoin is transforming not only our country but the world, and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation,” Lummis said. “This is our Louisiana Purchase moment to help us reach the next financial frontier.”

Trump, meanwhile, shared similar sentiments in his address at the crypto-centered conference, claiming he would “establish a national Bitcoin stockpile” while implementing a digital-asset friendly regulatory framework.

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” the former reality television star told the crowd.

While Lummis has long supported Bitcoin, she reportedly does not believe that the bill will gain traction until after the U.S. presidential election is decided.

It’s unclear whether crypto-friendly Trump or presumptive Democratic nominee Kamala Harris will take the Oval Office, however.